Russian fixed-line operator Comstar has sold its 25 percent stake plus one share in state-owned telecommunications holding Svyazinvest to Rostelecom long-distance carrier, Rostelecom said on Friday.
Under the contract, Rostelecom paid 26 billion rubles ($866 million) to Comstar. Rostelecom bought a 17.31 percent stake owned by Comstar and a 7.69 percent stake owned by Comstar-controlled MGTS Finance S.A., Rostelecom said.
The contract was signed as part of an asset swap deal between Rostelecom and Sistema Financial Corporation, which controls Comstar. The funds raised by Comstar were allocated to repay a loan granted to the company by Russia's top lender Sberbank in 2007.
Under the deal, Comstar will also get a stake in Moscow operator MGTS, while Svyazinvest will get a 100 percent stake in mobile operator Sky Link owned by Sistema.
RIA Novosti
